Tuesday, August 12, 2008

USDJPY Trade

Hello traders,

I've watched USDJPY for awhile since the daily breakout occurred on the pair. I've been waiting for price to break through the upper median line and get ready to take a long trade once all the breakout requirements are met. Today 20:00 o'clock at my broker time, there was a MACD signal which indicated a TC pattern. I didn't directly take it because there is a little tail there on the candlestick which means price might give a retracement to the median line again and it did. Check out the 4hour chart below, the small AP's median line has been visited by the price and price retraces back to the larger upper AP median line.Now that price has retested the upper median line for the second time, using 1hour TF, I took an entry for this opportunity. Took 2 trades just like always. Set the first half for 56pips and will set the rest at BE targeting the daily resistance.

P.S.:
The only thing that bothers me in this setup is the tail pointing upward on the 4hour candlestick.
End of trade result: -40pips x 2 = 80pips.
I should've not taken this trade due to tail I mentioned before. I guess greed came to me when positive pips are in hand. Gotta take my pips away before any perfect setup comes by!

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